TAM Overview, page-5

Hi Kiwi, I have the maximum liability sitting at about the $20 Million mark. It is difficult to know what sort of impact it will or won't have on the SP, as it is difficult to know what impact it has currently have. If the Court Case was today, I would see the Share Price dropping back down to 4c on a negative announcement and 6c on a positive. But it all depends on the decision.

Hi PBnewby, 10 years was being conservative. As was 100,000 ounces per annum. You are right though, NST will swallow TAM whole. The only questions is when and how much.

The current 5c share price with a Market Cap of $57 Million, doesnt really represent the true value of the company. Sure if you wanted to buy $100,000 worth of shares, you could buy it through Commsec for around 5c each. But to buy $57 Million worth of shares, this can't be done through Commsec. You need to acquire these shares from the major holders, and I would bet my left testie that they would be looking for me than just 6-7c a share. Especially when you consider that many of the large holders have a higher average price than 6-7c.

No doubt NST will want this project all to themselves. But they know to get it done swiftly, they will need to put forward an attractive offer to the large long term holders. And 6-7c just isnt attractive to them.

I don't understand what the fascination is though, with everyone wanting less shares on offer. Surely it doesnt make any difference. The market cap doesnt change, it just changes the decimals in the SP.